Export to Norway
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Norway is one of the world's richest countries in per capita terms, and the national income per capita is calculated 1.7 times the average of the OECD countries.
Norway has an important stake in promoting a liberal environment for foreign trade. Its large shipping fleet is one of the most modern among maritime nations. The Norwegian economy features a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector, through large-scale state enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector. Norway has a per capita Gross Domestic Product (GDP) of USD 54,200 based on purchasing power parities, ranked 8th in the world . After a solid GDP growth in 2004 – 2007, the economy was considered slow and rather contracted in the time period 2008-2009, but returned to positive growth in 2010-2013. Norway’s external financial position is exceptionally strong from a global perspective. |
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Norway is located in the Northern Europe and is a part of the Scandinavian Peninsula. Jan Mayen and the Arctic archipelago of Svalbardare also part of Norwegian territory. The majority of the country shares a border to the east with Sweden; its northernmost region is bordered by Finland to the south and Russia to the east; and Denmark lies south of its southern tip across the Skagerrak Strait. Norway's extensive coastline is facing the North Atlantic Ocean and the Barents Sea. With a population of 5 million covering 323,802 square kilometers, Norway is one of the most sparsely populated countries in Europe. The population is spread across 1100 mile long, narrow and mountainous landscape, and has a coastline three times its length.
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Norway is a vibrant, stable democracy and has one of the most financially healthy economies in the world, thanks in part to its status as the world's 7th largest exporter of crude oil and 3rd largest exporter of natural gas. Other major industries, such as shipping, shipbuilding, fishing and fish farming, information technology, pulp and paper products, and light metals processing have prospered as well. Incomes are also more evenly distributed, making every person a consumer. Unemployment rates and interest rates are low.
The majority of Norwegians are fluent in English and Norwegian business ethics are similar to those of the United States and Western Europe. Norway is not a member of the European Union (EU), but is linked to the EU through the European Economic Area (EEA) agreement. By virtue of the EEA, Norway is practically part of the EU’s single market, except in fisheries and agriculture. Norway is part of the Schengen Agreement, which guarantees free movement of persons and the absence of internal border control between 22 of the 27 EU Member States, as well as Norway, Iceland, Switzerland and Liechtenstein.
Market Opportunities
International companies have excellent opportunities to capture a significant share of new contract awards in Norway's oil and gas, renewable energy, information technologies, and defence sectors. Other sectors with significant opportunities are telecommunications equipment and services, healthcare technologies, shipping and maritime equipment, tourism and consumer goods.
The majority of Norwegians are fluent in English and Norwegian business ethics are similar to those of the United States and Western Europe. Norway is not a member of the European Union (EU), but is linked to the EU through the European Economic Area (EEA) agreement. By virtue of the EEA, Norway is practically part of the EU’s single market, except in fisheries and agriculture. Norway is part of the Schengen Agreement, which guarantees free movement of persons and the absence of internal border control between 22 of the 27 EU Member States, as well as Norway, Iceland, Switzerland and Liechtenstein.
Market Opportunities
International companies have excellent opportunities to capture a significant share of new contract awards in Norway's oil and gas, renewable energy, information technologies, and defence sectors. Other sectors with significant opportunities are telecommunications equipment and services, healthcare technologies, shipping and maritime equipment, tourism and consumer goods.
